(30-06-24) MOGADISHU (Halqabsi News) – Authorities have confirmed ongoing negotiations with a United Arab Emirates (UAE)-based company to invest in the strategically located Garacad port in the Mudug region. The port, the largest project undertaken by Somali investors in the country, is seen as a potential catalyst for economic growth.
However, the chairman of Wadaagsan, the company managing the port, Warsame Ahmed Shiddo, clarified that the discussions are limited to two private companies not affiliated with the UAE government. This follows widespread criticism of a recent agreement between DP World, a UAE-owned port operator, and Puntland to manage Bosaso port.
Shiddo emphasized that the final decision regarding the investment and development of Gara’ad port will be made by the Somali businessmen who invested in the project during a meeting on July 25th.
Despite assurances from Wadaagsan, concerns remain within the business community regarding the UAE’s involvement, given its history of controversial port deals across Somalia. The independence of the potential investor and the terms of any agreement will be under scrutiny as negotiations progress.
Halqabsi News
